The global farm equipment market is projected to grow from USD 107.7 billion in 2023 to USD 136.3 billion by 2028, at a CAGR of 4.8% from 2023 to 2028.
Growing demand for mechanization in agriculture with supporting subsidies & incentives from governments is projected to drive the demand for farm tractors.
The market is set to grow, driven by the increasing popularity of electric and autonomous tractors, as well as the growing need for rental services of such equipment. This trend is creating avenues for expansion. Factors like the rise in farm mechanization, government backing through farm loan waivers and credit financing, contract farming, and a lack of skilled labor are the main forces behind the growth of the farm equipment industry.
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